Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1887-08-11
IT HAS COLLAPSED.
The San Francisco Bull Wheat Deal :
A Compromise Prevents any Very
Disastrous Results.
The Shorts as Badly Scared as the
''LOngS'-The Heaviest Losses
Fall Upon Two or Three
Large Firms.


deal in wheat collapsed here to-day
| There have been mutterings of trouble
for several days and the outcome was not
entirely unexpected. The top prices
were reached last Monday, when the bulls
offered S2.174 per GENITAL for wheat
Yesterday the market dropped to S2.14
| This made the price 2 Is cents pound in
San Francisco, against l Is cents in Chi
cago, ii in New York, and L Go in
Liverpool. The collapse of the deal was
not attended by the usual excitement
All the sessions of the call board were ad
Journed under the resolution adopted by
| the board of directors, and posted on the
doors of the exchange. The reason given
was the desire TO avert the threatened
panic. This step was not altogether un-
expected and feeling of relief was ex-
perienced by both parties, who have been
strained to THEN utmost during the past
few days. No failures were reported up
to late hour this afternoon and it is be-
lieved all the deals will be compromised
so as to avoid any disasters on the street.
Two of the chief bull traders were Will
lam Dressbach, and John Rosenfeld, but
the theory is accepted they represented
other interests. They are known to be
ACS POhSlOlC 1O1 OO,OOO LUIS VI Wu6dU u6lu
under the various options for delivery
during this year. The total amount of
wheat the 'longs" have been shouldering
is variously computed. 1t is stated, how
ever, that it has required S19000,00O to
carry the grain already at Liverpool, and
on the way, together with great quaint
ties in store In the warehouses in this
city.
Lo
tive course in the matter and steadily re-
fused TO interfere, content to loan their
customers money at regular rates. Col
lateral put up by the ring for the ad
vances has been mostly certificates of
wheat on hand, and the interesting ques-
ton of the future will be the ownership
of one-half of the hypothetical stock.
The action taken by the board of direct
Ors in stopping all the board sessions is
deemed very remarkable, but that it
averted panic is conceded. The Ores
bachs' proposition was accepted this
afternoon and the virtual result is that
the spectators and brokers, shorts iu-
Guided, have agreed to keep their hands
off the market for the present. Both
bulls and bears backed down. The money
squeezed out of the shorts on the mar
gins will be refunded and they will lose
nothing. On the other hand, the ring
wheat has substantially cost over $1.65
and they will lose the difference between
that and the actual market price and the
fulfillment of the giant scheme to corner
the market. Dresbach had the shorts so
badly scared that they were willing to
get out without making anything. making
the outcome one of the most remarkable
nr1 Of och ten
out ahead on the settlement, kut apart
from the loss inflicted on the bull clique
proper, no firm losses are mentioned IN
excess OF 100000.
Irish Woolens in This Country.
Boston Commercial Bulletin.
Orders to the extent Of from e25,000
100000 for woolens have been taken in
this country by Peter White, who repre-
sents certain Irish manufacturers. The
goods are of a very coarse character, as
the climate Is particularly adapted for
the growth of long wool which is required
for the coarse fabric.
The facilities of the manufacturers are
limited, and there are not over half
dozen welle quipped mills in all Ireland.
There are some mills here and there, but
the owners are all men of small means,
and consequently do their work in
small way and can not introduce their
goods for lack of capital. There are
several mills shat make goods of excel
lent quality, and these goods have been
taken by English merchant in the past
and sold as English goods, thus robbing
the Irish woods of the reputation they
deserve.
Mr.. Whites purpose is to nationalize
their goods and help the Jrish manufac-
turer and people TO employment. IN the
hope to foster the Irish industries and to
convince the American public of the ex
cellence of Irish goods, 100000 was sub
scribed and a limited company formed,
styled the Irish Export Company, and it
was in the interest of this cons any that
Mr.. Waite came to America.
These goods do not compare with
American goods in finish, as the are much
coarser. ALI considerations OF the tariff
Notwithstanding, the American goods of
the same grade can be manufactured and
placed on the marke5 from 20 to 25 per
cent. cheaper than the Irish. The face of
the American goods is much finer than
the Irish, the latter filling place for a
coarse and strong fabric. Notwithstand
ing all arguments to the contrary, the
Irish goods are well made and durable,
and all rumors as to hair and from other
domestic animals entering into the manu-
facture of this article, are false. The
leading difficulty which tends to restrict
the sale of these goods in this country
is the difficulty in weaving the goods in
to light fabric for summer wear, the
trouble being that in attempting to make
the goods fine they are rendered wiry.
The amount sold in Boston by Mr.. White
in understood to be small on this trip.
Chicago was perhaps the chief buyer.